Assumption of Loan Requirement Letter for disaster loan servicing action request packages. About this document and download.VA, FHA, and USDA mortgages are assumable, and anyone can assume these loans. For VA assumptions, the buyer is not required to have VA eligibility. An assumable mortgage involves one borrower taking over, or assuming, another borrower's existing home loan. Find out how it works. An assumable mortgage is a home loan that can be transferred from the original borrower to the next homeowner. What Is Required to Assume an SBA 504 Loan? Its been a month and all i did was answer a simple questioner.